We use our own cookies and third-party cookies to improve our services by analysing your browsing habits. By continuing to browse, you are approving the use of these cookies. For more information, or to learn about how to change configurations, please see our Cookie use policy.

Analysts

The following list includes 24 analysts from banks and investment houses which publish regularly studies on the Galp stock. Due to its dynamic character, it is not possible to guarantee that this list is permanently complete and updated. The list is presented for information purposes only and is not a bid to buy, a strategy to keep or an offer to sell.

Summary of the last study published by this analyst

Mediobanca initiated coverage on Galp with a Neutral recommendation and setting a price target of €15.00 per share. The analyst Alessandro Pozzi believes Galp has the best volumes growth amongst its Integrated peers, while also highlighting the asset concentration risk in Brazil as well as the reinvestment risk. Mediobanca values the E&P business (ex-Mozambique) using a DCF approach, with a production of 130 kboepd by 2030 and a growth rate of 1% from then onwards. The analyst values Mozambique separately, using the Eni-Exxon transaction reference price. The downstream and gas businesses are valued at a multiple of 10x EV:Ebit19.

Recommendations history

Summary of the last study published by this analyst

Credit Suisse decreased the price target of Galp’s share from €16.20 to €15.60, maintaining its Outperform recommendation. The revision follows a roll forward of the NAV valuation from 2017 to 2018, with adjustments in macro forecasts more than offsetting accretion from Brazil valuation.

Summary of the last study published by this analyst

Barclays revised its price target for Galp share from €16.00 to €15.00, maintaining its Equal-Weight recommendation. This decrease results from a lower long-term oil price estimate, which was down from $60/bbl to $55/bbl, leading to an expected earnings decrease of c.16% during 2018-21 and a lower NAV by c.6%. The analyst estimates a FY2017 Ebitda of €1.75 bn.

Summary of the last study published by this analyst

Goldman Sachs increased its price target for Galp share from €15.00 to €15.70, maintaining its Neutral recommendation. The analyst increased its EPS estimates by 10%-11%-6% respectively for 2017-2018-2019 on the back of higher downstream margins and lower depreciation.

Summary of the last study published by this analyst

Merrill Lynch increased its Galp price target from €14.50 to €15.50, as a result of higher estimated downstream earnings. Following the Company’s 2Q17 results announcement, the analyst raised its estimated earnings by close to 13% in 2017, 7% in 2018 and 5% in 2019. Merrill Lynch maintained its Buy recommendation.

Summary of the last study published by this analyst

CaixaBank BPI decreased the price target of Galp share from €16.10 to €15.10, maintaining its Neutral recommendation. This change follows the cut in the long term oil price from $70/bbl to $65/bbl. This negative impact was only partially offset by an upgrade in downstream and lower debt figures.

Summary of the last study published by this analyst

Société Générale decreased the price target of Galp’s share from €13.90 to €13.50, maintaining its Hold recommendation. The analyst updated his estimates following the downwards revision of the Brent price assumption, with the forecast for 2017 decreasing from $55/bbl to $50/bbl, and for 2018 from $60/bbl to $50/bbl. The analyst also reduced his long term oil price assumption from $70/bbl to $56/bbl.

Summary of the last study published by this analyst

Citi decreased its price target for Galp’s share from €15.00 to €14.80, maintaining its Neutral recommendation. The revision follows an update on 2017-22 estimates on the back of recent operational updates and Citi’s lower medium-term oil price assumptions, with the price target based on the analyst’s DCF valuation.

Summary of the last study published by this analyst

Morgan Stanley decreased the price target of Galp’s share from €12.50 to €12.20, maintaining its Equalweight recommendation. The downwards revision comes after the change in the analyst’s commodity assumptions, with Brent price c.10% lower from 2017 to 2019, and with a long term price set at $65/bbl after 2019, from prior $70/bbl.

Summary of the last study published by this analyst

JP Morgan decreased the price target of Galp’s share from €15.00 to €14.00, maintaining its Neutral recommendation. The analyst values Galp using a blend of SOTP and a 2020 PER. The reviewed price target reflects a lower SOTP valuation, following a downwards revision of JP Morgan’s long-term brent price assumption.

Summary of the last study published by this analyst

Bernstein decreased the price target of Galp’s share from €17.70 to €16.10, maintaining its Outperform recommendation. The analyst updated his estimates following the downwards revision of the Brent price assumption. Now embedding all of U.S. Permian basin and shale’s expected positives into its modelling, Bernstein decreased from $60/bbl to $50/bbl its oil price estimate for 2017 and from $81/bbl to $70/bbl its long term view.

Summary of the last study published by this analyst

Deutsche Bank decreased the price target of Galp’s share from €15.50 to €14.00 and revised downwards its recommendation from Buy to Hold. The analyst updated his estimates following the downwards revision of the Brent price assumption, with the forecast for 2018 decreasing from $63/bbl to $54/bbl, and for 2019 from $65/bbl to $56/bbl. The analyst also reduced his long term oil price assumption by $5/bbl to $60/bbl.

Summary of the last study published by this analyst

Exane decreased the price target of Galp’s share from €16.00 to €14.00, and revised its recommendation from Outperform to Neutral. This change reflects the analyst’s view that the next 12 months will be transitional for Galp, namely regarding free cash flow inflection, and with the downwards revision in Exane’s oil price deck weighing on free cash flow generation in 2018. The analyst further states that a material longer-term premium multiple may only be justified once greater clarity is seen on cash return and re-investment decisions, and thus derives a price target in line with its SotP.

Summary of the last study published by this analyst

Santander decreased the price target of Galp’s share from €15.15 to €14.80, maintaining its Hold recommendation. The analyst updated his model and cut its EPS estimates by 21.8%, reflecting a decrease in oil macro assumptions, with long term Brent now at $55/bbl, which impacts upstream earnings, but also tempered R&M and G&P. On the other side, Santander reviewed downwards the DCF discount rate for Galp from 10.20% to 9.54% as well as its capex estimates.

Summary of the last study published by this analyst

Kepler Cheuvreux decreased the price target of Galp’s share from €14.00 to €13.00, maintaining its Hold recommendation. The expected evolution of U.S. shale production, particularly in the Permian basin, has led Kepler to revise its Brent price assumption, forecasting $45/bbl in the short term and reducing its long term view to $50/bbl. The analyst updated Galp estimates accordingly, although recognising that the Company offers positive features such as its world-class upstream assets and downstream exposure.

Summary of the last study published by this analyst

Equita decreased the price target of Galp’s share from €15.00 to €14.00, maintaining its Hold recommendation. The downwards revision follows the reduction of the analyst’s Brent price assumption over the period 2017-2019 as well as his EPS estimates.

Summary of the last study published by this analyst

BMO Capital has revised downwards the price target of Galp’s share from €17.00 to €16.00, maintaining its Outperform recommendation. This change reflects the revised DCF and NAV valuations after the analyst reduced Brent price assumptions, namely down by $2.5/bbl in 2018 and by $7/bbl in 2019 and 2020. BMO’s long-term assumption was revised downwards from $65/bbl to $63/bbl.

Summary of the last study published by this analyst

Macquarie decreased the price target of Galp’s share from €16.60 to €15.90, maintaining its Outperform recommendation. The analyst updated his estimates following the downwards revision of the Brent price assumption, with the forecasts for 2H17 decreasing from $58.75/bbl to $54.15/bbl, and for 2018 from $55.75/bbl to $49.33/bbl. The analyst also reduced his long term oil price assumption by $5/bbl to $65/bbl.

Summary of the last study published by this analyst

Jefferies decreased the price target of Galp’s share from €16.00 to €15.00, downgrading its Buy recommendation to Hold. The analyst updated his estimates following the downwards revision of Brent price assumption, with the forecasts for 2017 decreasing from $61/bbl to $59/bbl, for 2018 from $72/bbl to $64/bbl and to $67/bbl and $70/bbl in 2019 and 2020 respectively from $85/bbl.

Summary of the last study published by this analyst

Haitong increased the price target for Galp’s share from €12.00 to €13.50, maintaining its Neutral recommendation. The new price target mainly reflects the roll-over of the analyst’s valuation to 2017, an increase in upstream production estimates and a decrease in EUR:USD assumption from 1.10 to 1.05. The analyst has also adjusted net debt for the full deconsolidation of GGND.

Summary of the last study published by this analyst

Caixa BI increased the price target of Galp’s share from €12.40 to €13.80, while reducing its recommendation from Accumulate to Neutral. The price target increase follows the updated earnings estimates for all business segments, and also the valuation roll-over to FY2017. The analyst highlights the Company’s projects in the Brazilian pre-salt, namely its extended plateau periods and robust breakeven. Nevertheless, the analyst revised downwards his recommendation given the current market share price.

Summary of the last study published by this analyst

TPH increased the price target of Galp’s share from €12.00 to €13.00, maintaining its Hold recommendation. The upward revision follows an update on oil price assumption for 2017 while keeping the same target multiples.

Summary of the last study published by this analyst

BBVA decreased Galp Energia’s price target from €14.20 to €12.80, maintaining its Outperform recommendation. The main reason for this revision is the lower long-term Brent assumption from $65/bbl vs. previous $80/bbl.

Disclaimer

The institutions referred to in this page publish regularly opinions on the performance of the Galp share in the stock market. Any opinions, estimates or forecasts related to the performance of the Galp share made by analysts (and consequently the result of the consensus) are from their entire responsibility and do not reflect Galp's opinions or the opinion of its Board of Directors. The reference in this site to those informations, conclusions or recommendations are not the result of Galp's agreement or consent related to those opinions. Galp cannot be taken responsible for the accuracy of those estimates and does not assume any obligation to update them if it is not informed of the changes.

The recommendations of an institution must be considered in their context, namely in the complete analysis text in which they are based, the share price on the time of its publication and considering the set of recommendations used by the institution.

Consensus of the analysts that follow the Galp share

The consensus of the estimates of results is based on the individual estimates of the analysts that cover the Galp stock. Any opinions, estimates or forecasts related to the performance of the Galp share made by analysts (and consequently the result of the consensus) are from their entire responsibility and do not reflect Galp 's opinions or the opinion of its Board of Directors.

The reference in this site to those informations, conclusions or recommendations are not the result of Galp 's agreement or consent related to those opinions. Galp cannot be taken responsible for the accuracy of those estimates and does not assume any obligation to update them.